Tuesday, April 17, 2012
Too many people borrowed too much!
"The storm clouds hanging over Spain darkened further today after its borrowing costs spiked at an auction of short-term bonds"."Chaos in euroland has pushed the pound to a 19 month-high against the single currency". "Fears are mounting that Spain will be the next country in the single currency bloc to implode as it struggles to prop up its banks and cut its deficit â€“ plunging the eurozone deeper into crisis". (yes, and all those unsold houses on the books of the banks).